November 28, 2012 / 9:56 AM / 5 years ago

PRESS DIGEST-Canada-Nov 28

Nov 28 (Reuters) - The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.


* New rules aimed at protecting the environment will drive up the price of new cars and trucks by thousands of dollars but save motorists money at the pump. Environment Minister Peter Kent said on Tuesday that Ottawa will match a proposal from the U.S. Environmental Protection Agency to require that, by 2025, cars and light trucks be 50 percent more fuel efficient and emit half as much greenhouse gases as current models. ()

* Kathleen Wynne says bureaucrats in her office were in the process of making changes to Ontario’s conflict of interest rules governing municipalities before she resigned as Ontario’s minister of municipal affairs and housing to jump into the provincial Liberal leadership race. ()

Reports in the business section:

* CNOOC Ltd is facing new delays in its effort to close its proposed C$15.1 billion ($15.19 billion) acquisition of Calgary-based Nexen Inc, after a deadline for U.S. approval of the transfer of Nexen’s Gulf of Mexico assets expired without a decision. To complete its proposed takeover, the Chinese state-owned company needs the approval by the Committee on Foreign Investment in the United States -- an inter-agency group led by the Treasury Department that must determine whether a proposed deal represents a threat to U.S. security. ()

* The Canadian economy is gearing down as a faltering housing market, tepid consumer spending and choppy demand for exports turn a slow growing economy into a barely growing one. Economists from Bay Street to Ottawa and Paris have downgraded their growth forecasts in the past month, and some see the tepid climate stretching well into next year. ()


* The exclusive 357C club in Old Montreal is treasured by members as a refuge from prying eyes, a place where business can be conducted “in the utmost comfort and discretion,” according to its website. But last month, six investigators for Quebec’s Charbonneau commission descended on the private club, looking for evidence of shady dealings conducted within the wood panelled walls. ()


* Half of Quebec’s 50 biggest publicly traded companies are vulnerable to foreign takeover attempts, new research suggests. It’s a statistical call to arms from a leading corporate expert who argues Quebec is doing the right thing in taking national ownership of the “say no” fight after Ontario ignored it for years.

Yvan Allaire, a former Bombardier Inc executive who is chairman of Montreal’s Institute for Governance of Private and Public Organizations, analyzed the capital structures of Quebec’s largest firms and concluded that 24 of the top 50 aren’t equipped to avoid being acquired. ()

* Bombardier Inc has booked the largest single firm order for business jets in its history with a deal to sell 56 Global aircraft for C$3.1 billion ($3.12 billion) to VistaJet Holding SA, as the Swiss charter company makes a push into emerging markets including Brazil, China, Russia and Africa.

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